A recent report emphasizes that the real-world asset (RWA) ecosystem is facing the challenge of "mainstream assets becoming silent when brought on-chain". Although standard assets like US Treasury bonds have created a certain foundation for RWA, their on-chain conversion is merely a technical package and has not yet released structural value. The core issue for RWA's future lies in activating "silent assets" that are limited within the traditional financial system. These assets are difficult to price and lack liquidation.
Using Blockchain technology to represent the value and enable free circulation of these assets could drive a new market. This transforms RWA into an opportunity for venture-ready funds, attracting various types of funds and creating a dual change from the "asset side" to the "capital side".
Hong Kong, with its role as the global RWA policy center, should actively deploy pilot projects for non-standard assets and data assets. This will transform Hong Kong into a global testing ground for "multi-asset structured RWA", not just a simple issuance center and relay point in the RWA value chain.
